Lean Portfolio Management to Align Enterprise Strategy
From the PMI Global Insights Blog
by Cameron McGaughy,
James Turchick
Whether it’s in-person or virtual, PMI events give you the right skills to complete amazing projects. In this blog, whether it be our Virtual Experience Series, PMI Training (formerly Seminars World) or PMI® Global Summit, experienced event presenters past, present and future from the entire PMI event family share their knowledge on a wide range of issues important to project managers.
View Posts By:
Cameron McGaughy
James Turchick
Past Contributors:
Kimberly Whitby
Johanna Rusly
April Birchmeier
Nikki Evans
Dalibor Ninkovic
Dr. Deepa Bhide
Morten Sorensen
Tao Chun Liu
Jonathan Spiteri
Chris DiBella
Nic Jain
Tyler Norman
Nicholas Sonnenberg
Tam Abaku
Klaus Nielsen, MBA, PMI-ACP, PMP
Karen Chovan
Jack Duggal
Catalin Dogaru
Priya Patra
Josh Parrott
Scott Lesnick-CSP
Antonio Nieto
Dimitrios Zaires
Ahmed Zouhair
Carmine Paragano
Te Wu
Scott Bain
Katie Mcconochie
Fabiola Maisonnier
Erik Agudelo
Paul A Capello
Kiron Bondale
Jamie Champagne
Esra Tepeli
Renaldi Gondosubroto
Joseph Musiitwa
Mel Ross
Laura Lazzerini
Yonela Mfeya
Kim Essendrup
Geetha Gopal
David Summers
Carol Martinez
Lisa DiTullio
Tai Cochran
Fabio Rigamonti
Archana Shetty
Geneviève Bouchard
Teresa Lawrence, PhD, PMP, CSM
Randall Englund
Kristy Tan Neckowicz
Moritz Sprenger
Mike Frenette
O. Chima Okereke
David Maynard
Nancie Celini
Brantlee Underhill
Claudia Alcelay
Sandra MacGillivray
Vibha Tripathi
Sharmila Das
Michelle Brown
Gina Abudi
Greg Githens
Joy Beatty
Sarah Mersereau
Lawrence Cooper
Donna Gregorio
Seth Greenwald
Bruce Gay
Michele Mattera
Wael Ramadan
Fiona Lin
Somnath Ghosh
Yasmina Khelifi
Erik Rueter
Joe Shi
Michel Thiry
Erika Kiely
Heather van Wyk
Jennifer Donahue
Barbara Trautlein
Julie Ho
Steve Salisbury
Jill Diffendal
Yves Cavarec
Rose James
Drew Craig
Vinay Babu Tarala
Stephanie Jaeger
Diana Robertson
Zahid Khan
Benjamin C. Anyacho
Nadia Vincent
Carlos Javier Pampliega García
Norma Lynch
Heather McLarnon, CSPO
Lissette Indhira Pimentel Sosa
Emily Luijbregts
Susan Coleman
Aneliya Chervenova
Michelle Stronach
Sydni Neptune
Louise Fournier
Quincy Wright
Peace Opuruiche Echeonwu
Nesrin Christine Aykac
Ming Yeung
Laura Samsó
Lily Woi
Jill Almaguer
Mayte Mata Sivera
Prof. Éamonn Kelly
Marcos Arias
Karthik Ramamurthy
Michelle Venezia
Yoram Solomon
Cheryl Lee
Kelly George
Dan Furlong
Kristin Jones
Jeannette Cabanis-Brewin
Olivia Montgomery
Carlene Szostak
Hilary Kinney
Annmarie Curley
Dave Davis
Recent Posts
Presentation Recap: Sustainability in Project Management
Presentation Recap: Measuring and Managing Enterprise Portfolio Health
Elevating Leadership Through Community: Reflections from the PMI Global Summit 2025
Why the PMI Global Summit Series Africa Is a Classroom of Urgency
Presentation Recap: Women in Project Management - Breaking the Glass Ceiling
Categories
Agile,
Agility,
alignment,
Ask the Expert,
Benefits Realization,
Best Practices,
Bonding,
Business Analysis,
Calculating Project Value,
Capital Projects,
Career Development,
Change Management,
Cloud Computing,
Collaboration,
collaboration,
Communications Management,
Complexity,
Congress 2016 Ask an Expert,
Construction,
Curiosity,
Digital Transformation,
digital transformation,
Documentation,
Earned Value Management,
Education,
EMEA,
EMEA Congress Reflections,
Engagement,
engagement,
Ethics,
Events,
Extra Info,
Facilitation,
forecasting,
future,
Generational PM,
Global Congress 2016,
Global Congress 2016 - North America,
Global Summit,
Global Summit 2023,
Global Summit Series,
Good News,
Government,
Healthcare,
Human Aspects of PM,
Human Resources,
Identity,
Information Technology,
Innovation,
Kickoff,
Leadership,
Lessons Learned,
Mentoring,
Metrics,
Networking,
New Practitioners,
Nontraditional Project Management,
organisations,
Organizational Risk,
PM & the Economy,
PM Think About It,
PMI,
PMI Congress,
PMI Congress NA 2016,
PMI EMEA Congress 2018,
PMI Global Conference,
PMI Global Conference 2017,
PMI Global Conference 2019,
PMI Global Congress - 2016,
PMI Global Congress 2012 - North America,
PMI Global Congress 2013 - EMEA,
PMI Global Congress 2014 - North America,
Pmi global congress 2014 - North America,
PMI Global Congress 2015,
PMI Global Congress 2015 - Ask the Expert,
PMI Global Congress 2016 - EMEA,
PMI Hours for Impact,
PMI PMO Symposium 2013,
PMI Pulse of the Profession,
PMI Training,
PMI Virtual Experience Series,
PMIEMEA17,
PMIEMEA19,
PMO,
PMO,
PMXPO,
Portfolio Management,
Procurement Management,
Professional Development,
Program Management,
Project Delivery,
Project Failure,
project kickoff,
Project Planning,
Project Requirements,
Reflections on the PM Life,
Risk Management,
Risk Management,
ROI,
Roundtable,
Scheduling,
SeminarsWorld,
Social Impact,
Social Responsibility,
SoftSkills,
Stakeholder Management,
Strategy,
Sustainability,
Teams,
Techniques,
test,
The Moon,
Tools,
Training,
Translations,
Videos,
Virtual Experience Series,
Virtual Teams,
Volunteering,
war
Date
By: Somnath Ghosh
I presented at the PMI Global Summit 2023 in Atlanta. This was a great event with featured speakers, exhibits and networking activities. My presentation Lean Portfolio Management (LPM) to Align Enterprise Strategy focused on data-driven decision making, disciplined intake mechanisms, incremental funding, and consistent feedback loops to inform portfolio planning.
We discussed how LPM aligns your organization's strategy with initiatives, enabling you to prioritize them based on their value to your customer and increase your ability to pivot when necessary. It enables you to fund projects based on performance and customer feedback rather than just blindly following a plan, ensuring you build value, see results, and meet customer expectations.
Attendees learned to leverage data to enable Lean Portfolio Management, build guardrails for their portfolios, measure what matters, and establish value flow to the customer, while taking advantage of a modernized Portfolio Management approach.
During our sessions, we delved into a few intriguing themes, such as “How long does it take to change traditional portfolio management to a LPM”, “Culture and the need to maintain status quo will be a challenge”, “How to get started on making the change”, and “How do you handle initiatives that do not make the cut or get defunded”. The questions posed and the active participation were exceptional.
I had a great time presenting, and the full presentation will be on demand through 1 January 2024. Visit PMI Global Summit 2023 for more details.
Posted
by
Somnath Ghosh
on: November 15, 2023 09:22 AM |
Permalink
Comments (4)
Please login or join to subscribe to this item
Aaron Porter
Community Champion
IT Director| Blade HQ
Payson, UT, United States
I wasn't able to attend the summit, but it sounded fun.
I recently took a class and certified in Lean Portfolio Management with SAFe 6. I enjoyed the class and found a lot I can borrow. I bring this up because, as much promise as it has, it's a lot of work. If you work for a company that is not running already SAFe or at least doing some form of portfolio management, it will not be a quick or simple transition.
I agree that it is highly important for companies to align their initiatives with their strategic objectives. I lean more toward DA than SAFe, due to how things work at my current employer, but if and when I move on I wouldn't mind working some place where I can see LPM in action.
Kwiyuh Michael Wepngong
Community Champion
Financial Management Specialist | US Peace Corps
Yaounde, Centre, Cameroon
Aaron, I am glad you shared your thoughts and kudos to you for diving deeper into LPM with SAFe.
In our session we discussed how LPM applies to companies that are constantly developing and enhancing their products and services.
Conservative statistics of product success indicate that more that 60% of product development projects end in failure. Ouch!!
This is where an LPM approach and a deep review cadence excels in bringing alignment among outcome/business owners and stakeholders. This is not about project metrics of "being on track to be on time and on budget". It is about building the right thing at the right time. Decision makers repeatedly inspect projected vs actual achievement of OKRs and KPIs, and dive deep to understand user/customer feedback. With empirical data in hand, they need to make the hard decisions. Whether to persevere or pivot or repurpose their funding and resource allocation. Leaders need to rethink how to optimize their strategies, streamline their journey from concept to launch, and ultimately, carve out a path for exponential success. Approaches like LPM, gives you an opportunity to re-calibrate, and is a reminder that modifications and reassessments are necessary for long-term success.
Markus Kopko
AI Enabler for Project & Program Mgmt | Founder PMotion.ai / The PM
AI Coach| PMotion.ai
Hamburg, Hamburg, Germany
Dear Somnath,
Your presentation at the PMI Global Summit 2023 on Lean Portfolio Management (LPM) sounds like it was not only informative but also highly engaging. It's impressive how you covered the vital aspects of LPM, emphasizing data-driven decision-making, disciplined intake mechanisms, incremental funding, and consistent feedback loops for effective portfolio planning.
What particularly stands out is the focus on aligning organizational strategy with initiatives, prioritizing based on customer value, and maintaining the flexibility to pivot as needed. This approach of funding projects based on performance and customer feedback, rather than rigidly adhering to a predefined plan, is a significant step towards building real value and meeting customer expectations.
The topics you delved into during the sessions, especially the challenges of shifting from traditional portfolio management to LPM and dealing with cultural resistance, are crucial for today's dynamic business environments. The emphasis on practical steps for initiating this change and handling initiatives that may not align with the new strategy is extremely relevant.
Your session's interactive nature, as evidenced by the exceptional questions and active participation, must have greatly enriched the experience for the attendees.
I'm looking forward to accessing the full presentation on demand. It's a valuable resource for anyone looking to modernize their approach to portfolio management.
To continue this discussion, I'm curious: How do you see the role of LPM evolving in the next five years, especially in the context of rapidly changing market demands and technological advancements? And for those just starting on this journey, what would be your top piece of advice for successfully navigating the initial challenges of implementing LPM?
BR,
Markus
Please Login/Register to leave a comment.
|
"If this isn't a Strad, I'm out 50 bucks."
- Jack Benny
|
